Warning Signs That Your Property Manager Will Cost You More Money

If you want to grow your real estate business, you need to have the right property manager on your side. Property managers play a huge role in any landlord or real estate investor’s life. They are so essential in the sense that they can make or break your business. They either help you grow your real estate portfolio or cost you more money. Being in the industry for more than 40 years, we have heard stories from different clients about how their previous property managers mishandled their properties which, later on, resulted in more debt than profit. As such, we have listed here the top 4 property manager warning signs that you should look out for:

#1 Not paying bills on time

We have seen property managers pay the bills late or not pay bills at all, resulting in incurring fees. Examples of bills left unpaid include condo fees, water bills, and even taxes. On top of accumulated bills, the worst-case scenario is the property facing foreclosure and going on auction.

#2 Not taking care of the property 

As property managers, one of our duties is to maintain the properties that we manage. Deferring any maintenance work can take a toll on the curb appeal of your property, driving out your occupants in the long run.

For example, gutters and roofs left unmaintained can cause water mold and other major issues. Since no one wants to live in a moldy house, renters would not want to stay in it; some tenants will even stop renewing. Property managers also can’t rent the property out, resulting in a vacancy which is the worst thing that can happen to any landlord or real estate investor. 

#3 Not knowing the property market

Does your property manager know your local real estate market? Property managers should spend an ample amount of time studying the market to make sure that your property is being advertised at the right time of the year, to the right type of people, at the right price range.

#4 Not following the local regulations 

In each city, there is a corresponding regulation in handling properties. As a real estate investor, you want to abide by those rules and regulations. In fact, in Massachusetts, there are numerous landlord-tenant laws that property managers should take note of.

But there are delinquent property managers who just use boilerplates they find online for legal documents and contracts. With this, you can get into some serious issues and losses which can lead to penalties.

Our commitment

At Green Ocean Property Management, we make sure that as rent is collected, bills are also paid. 

We also do regular inspections throughout the year to make sure that the properties we manage are taken care of as scheduled.

In the areas we manage, we also take note of every single property that gets rented out, how many properties are on the market, and how many days should those properties be rented. As responsible property managers, these are the types of things that we watch out for and understand. 

Our team also includes attorneys who work with us on all of our paperwork for our landlords. By doing this, we ensure you are protected and free from any legal problems or penalties in the future.

We hope these property manager warning signs we identified will help you in choosing the right property manager for you. If you or anyone else you know needs a property manager who takes good care of your property and constantly follows the rules and regulations of the state of Massachusetts, please think of Green Ocean Property Management: where you get more than a property manager, you get peace of mind.